{"id":246308,"date":"2021-03-31T16:25:24","date_gmt":"2021-03-31T10:55:24","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=246308"},"modified":"2021-03-31T16:25:24","modified_gmt":"2021-03-31T10:55:24","slug":"amendments-in-schedule-iii-of-companies-act-2013-and-new-trade-payables-ageing-schedule-notified","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/31\/amendments-in-schedule-iii-of-companies-act-2013-and-new-trade-payables-ageing-schedule-notified\/","title":{"rendered":"Amendments in Schedule III of Companies Act, 2013 and New Trade Payables Ageing Schedule, notified"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Corporate Affairs amends Schedule III of the Companies Act, 2013. It shall come into effect on April 1, 2021. Key changes in the Schedule vide the amendment are as follows:<\/p>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>In Division I, under heading \u201cGeneral instructions for preparation of Balance Sheet and statement of P&amp;L of the company\u201d, under sub-heading \u201cGeneral instructions\u201d, in paragraph 4, in clause (i), for the word \u201cmay\u201d word \u201cshall\u201d and for word \u201cTurnover\u201d, at both places where it occurs, words \u201cTotal Income\u201d shall be substituted.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>A company shall disclose shareholding of Promoters, Promoter\u2019s name, number of shares, percentage of share. It is noted that similar information shall be given where no due date of payment is specified; in that case, disclosure shall be from the transaction date. Unbilled dues shall be disclosed separately.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>Under heading \u201cI. Tangible Assets\u201d, for words \u201cTangible Assets\u201d, words \u201cProperty, Plant and Equipment\u201d shall be substituted.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>Under heading \u201cJ. Intangible assets\u201d, for an item &#8221;reconciliation of gross and net carrying amounts of each class of assets at beginning and end of reporting period showing additions, disposals, acquisitions through business combinations, amount of change due to revaluation and other adjustments and related depreciation and impairment losses or reversals shall be disclosed separately,\u201d shall be substituted.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>Additional disclosures to be made by companies. They must state if they have been declared wilful defaulters by banks, financial institutions or other lenders. It has been mandated for companies to record audit trails of their accounts. Firms using accounting software to maintain their books need to use features that can record the audit trail of each transaction.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>In addition to this, matters such as corporate social responsibility spending, cryptocurrency dealings, benami property, relationship with struck-off, or dissolved, companies, and ageing of payables &amp; receivables with vendors must be disclosed by the companies. The companies must provide details of shortfall in CSR spending for the previous years, including reasons for not meeting targets.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>Loans granted to promoters, directors and related parties that are repayable on demand or without specific repayment terms from companies must be disclosed in terms of amount and percentage to total loans granted.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs amends Schedule III of the Companies Act, 2013. It shall come into effect on April 1, 2021. <\/p>\n","protected":false},"author":121,"featured_media":244192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-246308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amendments in Schedule III of Companies Act, 2013 and New Trade Payables Ageing Schedule, notified | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/31\/amendments-in-schedule-iii-of-companies-act-2013-and-new-trade-payables-ageing-schedule-notified\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amendments in Schedule III of Companies Act, 2013 and New Trade Payables Ageing Schedule, notified\" \/>\n<meta property=\"og:description\" content=\"The Ministry of Corporate Affairs amends Schedule III of the Companies Act, 2013. It shall come into effect on April 1, 2021.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/31\/amendments-in-schedule-iii-of-companies-act-2013-and-new-trade-payables-ageing-schedule-notified\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T10:55:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Prachi Bhardwaj\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" 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of the powers conferred by Section 30 r\/w Sections 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), made the following regulations called the \u2018Securities and Exchange Board of India (Real Estate Investment Trust) (Amendment) Regulations, 2017\u2019 w.e.f. 15th December,\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":184864,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/30\/companies-incorporation-amendment-rules-2018-notified\/","url_meta":{"origin":246308,"position":1},"title":"The Companies (Incorporation) Amendment Rules, 2018, notified","author":"Saba","date":"January 30, 2018","format":false,"excerpt":"G.S.R\u2026 (E)- In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely: 1. (1) These rules may be called the Companies\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70611,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/19\/schedule-v-to-companies-act-2013-amended\/","url_meta":{"origin":246308,"position":2},"title":"Schedule V to Companies Act, 2013 amended","author":"Saba","date":"September 19, 2016","format":false,"excerpt":"NOTIFICATION New Delhi, the 12th September, 2016 S.O. 2922(E).\u2014In exercise of the powers conferred by sub-sections (1) and (2) of section 467 of the Companies\u00a0Act, 2013 (18 of 2013), the Central Government hereby makes the following amendments to amend Schedule V of the said Act, namely:\u2014 2. In Schedule V\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":184524,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/29\/companies-appointment-qualification-directors-amendment-rules-2018-notified\/","url_meta":{"origin":246308,"position":3},"title":"The Companies (Appointment and Qualification of Directors) Amendment Rules, 2018, notified","author":"Saba","date":"January 29, 2018","format":false,"excerpt":"G.S.R\u2026 (E)- In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: 1. (1) These rules may\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":127641,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/28\/rbi-proposes-fresh-regulations-under-foreign-exchange-management-act-1999-for-cross-border-mergers\/","url_meta":{"origin":246308,"position":4},"title":"RBI proposes fresh Regulations under Foreign Exchange Management Act, 1999 for Cross Border Mergers","author":"Saba","date":"April 28, 2017","format":false,"excerpt":"The Reserve Bank has placed on its website the draft guidelines proposed to be issued on cross border merger transactions pursuant to the Rules notified by Ministry of Corporate Affairs through Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017 on April 13, 2017. Section 234 of the Companies Act, 2013\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":245951,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/22\/amendments-to-schedule-v-of-the-companies-act-2013\/","url_meta":{"origin":246308,"position":5},"title":"Amendments to Schedule V of the Companies Act, 2013","author":"Prachi Bhardwaj","date":"March 22, 2021","format":false,"excerpt":"The Ministry of Corporate Affairs (MCA) notifies amendments to Schedule V of the Companies Act, 2013 vide Notification dated 18.03.2021[1]. The amendments to Schedule V of the Act deals with respect to Director\u2019s remuneration in the following manner: in Section I, in the first para, after the words \u2015 \u201cmanagerial\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=246308"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/244192"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=246308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=246308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=246308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}